Savills has advised DekaBank Deutsche Girozentrale on the sale of its senior mezzanine loan on the W Hotel at Union Square in New York. The hotel was acquired by Host Hotels & Resorts. The transaction was the result of the owner, a Middle Eastern investor, defaulting on its loan.
Savills has advised DekaBank Deutsche Girozentrale on the sale of its senior mezzanine loan on the W Hotel at Union Square in New York. The hotel was acquired by Host Hotels & Resorts. The transaction was the result of the owner, a Middle Eastern investor, defaulting on its loan.
Savills led restructuring negotiations for DekaBank by providing analysis and guidance relating to all real estate, operational and inter-creditor matters, and the marketing of the bank's mezzanine loan as part of conducting a UCC foreclosure auction.
DekaBank was able to realise 100% recovery of its loan, achieving a price per room equating to the highest this year for an operating hotel in New York, according to Savills.
